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Conventional Loans

Flexible, widely used financing for well-qualified buyers — available for primary homes, second homes, and investment properties.

3%

Minimum down for qualified buyers

620+

Typical minimum credit score

PMI

Removable at 20% equity

3 types

Primary, second, investment

Overview

What it is

A conventional loan is not insured or guaranteed by the federal government. These loans follow guidelines set by Fannie Mae and Freddie Mac and remain the most popular financing choice for buyers with solid credit.

Down payments can start as low as 3% for qualifying buyers, though putting 20% down lets you avoid private mortgage insurance (PMI) entirely.

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Typical requirements

  • A credit score generally of 620 or higher
  • A down payment of 3%–20% depending on the program
  • A debt-to-income ratio generally at or below 43%
  • Steady, verifiable income and employment

Potential benefits

  • Available for primary, second, and investment properties
  • No upfront mortgage insurance fee like FHA
  • PMI can be removed once you reach 20% equity
  • Higher loan limits than FHA in most areas
FAQ

Common questions

How much do I need to put down?
As little as 3% for qualified buyers, though 20% avoids PMI. We’ll help you find the right balance for your budget.
What credit score do I need?
Generally 620 or higher. Stronger scores typically unlock better pricing.
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